S&P closes with record as US stocks finish with gains

By Ovunc Kutlu

ISTANBUL (AA) - The S&P 500 closed at a new record high Wednesday as US stocks finished the session with gains.

The index soared 61 points, or 1.17%, to end the day at 5,308 and climbed above 5,300 points for the first time in history.

The Dow Jones Industrial Average rose almost 350 points, or 0.88%, to close at 39,908.

The Nasdaq, meanwhile, jumped 231 points, or 1.4%, to finish at a new all-time high of 16,742 -- its eighth record close this year.

The rally in exchanges came as consumer inflation in April slowed down both on an annual and monthly basis, raising hopes that the Federal Reserve would start lowering interest rates in September.

The VIX volatility index, also known as the fear index, dove 7.2% to 12.45. The 10-year US Treasury yield shed 2.3% to 4.344%.

The dollar index fell 0.7% to 104.30, while the euro added 0.6% to $1.0883 against the greenback.

Precious metals were on the rise, with gold increasing 1.3% to $2,388 per ounce and silver gaining 3.8% to $29.70.

Oil prices were up around 0.9%, with global benchmark Brent crude at $82.98 per barrel and US benchmark West Texas Intermediate crude at $78.85.